Mobile Payments Driving Global M-commerce Adoption

Published on: 22nd Jan 2014

Note -- this news article is more than a year old.

In 2013 15 percent of mobile media users made some form of mobile payment to make a purchase according to a survey by the MEF. The largest group of these users (7% of the total sample) did so via a mobile wallet especially those based on NFC technology.

The report, carried out in partnership with On Device Research, highlights
the importance of mobile money users to the overall m-commerce market, as this
group is 26 percent more likely to purchase via mobile. Globally, 91 percent
made some form of mobile purchase in 2013 as opposed to 65 percent of all mobile
consumers.

Mobile money users also spend more on individual purchases. They are 10 percent
less likely to make low value payments and 14 percent more likely to make
mid-value purchases.

And mobile money users don't just buy more than the average mobile user.
They do more of everything. They are 12% more likely to scan barcodes, 11% more
likely to make charitable donations and 10% more likely to use location based
services.

MEF's Mobile Money consumer insight report suggests that mobile banking is
already mainstream in many regions, but for different reasons. In the USA, UK
and China the use of mobile apps for checking balances and paying bills is
commonplace. Whereas in Africa handsets are used to send airtime to other users,
transfer funds and seek credit.

In Africa, the 'mobile-only' culture means the mobile money account is
the bank account. Globally, 66 percent of mobile media users use some form of
mobile banking. In Kenya, for example, it's 92 percent.

The study also reveals the importance of network speed to the uptake of
mobile money. A quarter of users claim they don't make mobile payments because
'the network is too slow'. That might help explain why fewer than one in
seven mobile media users have made some form of mobile payment.

Conversely, those connected to super-speedy 4G networks are much more
engaged: almost two in three (64 percent) have made a mobile payment.

Rimma Perelmuter, CEO at MEF said: "Our 2014 Mobile Money Insight Report
clearly highlights that early adopters of mobile money are key to accelerating
the growth of mobile commerce. This is true both in terms of their propensity to
spend more on individual purchases and their likelihood to engage with a wider
array of mobile services. In many markets, mobile money has already hit the
mainstream, with Africa leading the way. Faster mobile networks will only
advance its adoption further worldwide."

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